This works as expected for me (I'm using Mac OS X Lion). If I CD ~ (to the home directory) and enter mkdir temp, a new temp folder appears in Finder. One way you can view the contents of the Home Folder in Finder is by clicking on the Desktop background and then pressing the Shift+⌘+H key combination. Are you confusing the Desktop with the Home Folder? Which documentation are you referring too?
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zenopolisFeb 13 '12 at 11:56

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Just to be precise, the Finder doesn't replace Windows Explorer; Windows Explorer was Microsoft's attempt to duplicate the functionality of the Finder. The Finder was a feature on the Mac in 1984, long before Windows Explorer.
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Daniel♦Feb 13 '12 at 14:51